The week ending November 18 saw a drop in the price of XRP tokens, which went from $0.72 to $0.61. Lawyer John Deaton, who is well-known for his work on the XRP lawsuit, reaffirmed that XRP is fundamentally a utility asset in the midst of the price swings. Deaton said he was certain Judge Torres would rule that XRP is not a security and expressed confidence in Ripple Labs’ position. In the Ripple lawsuit, he again underlined the value of the rule of law, regardless of one’s personal feelings towards the defendants.
Not everyone, though, believes that the software business based in San Francisco will prevail in the Ripple Lawsuit against the SEC or back down. Charles Gasparino, senior journalist for Fox Business, stated that XRP holders have only “won” temporarily and that Ripple’s gains are fleeting. In April, the U.S. Circuit Court Southern District of New York will hold a full trial in the Ripple litigation. The SEC’s complaint against Ripple Labs could wind up on the Supreme Court’s docket if it is not settled by trial in the SDNY court. Brad Garlinghouse, the CEO of Ripple, and the SEC both seem eager to take the case all the way to the highest court in the country.
